Oil expert, Wael Abdel-Moati associated with the Arab Petroleum Exporting Countries Organization (OAPEC), has disclosed the presence of a basin off the Libyan coast called the “Herodotus Basin.” This basin is the largest among two basins, and holds a vast gas reservoir in the eastern Mediterranean.
Abdel-Moati emphasized, in statements reported by the “Sefr” news platform, that the gas quantity in the basin is equivalent to the amounts found in the Levant Basin. He estimated the undiscovered amount to be around 122 trillion cubic feet of gas.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
Mohamed Aoun, Libya’s Minister of Oil stated that current oil production will not be impacted by the recent OPEC+ decision to cut oil production by over a million barrels per day.
Last month, OPEC+ reached a preliminary agreement to reduce oil production significantly. However, Aoun reassured that this decision would not affect Libya. He highlighted that OPEC and OPEC+ aim to maintain market balance, in terms of supply and demand.